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    Gustavo Troyano

    Senior Equity Analyst at Itau BBA

    Gustavo Troyano is a Senior Equity Analyst at Itaú BBA, specializing in the coverage of leading companies within Brazil’s consumer, food, and agribusiness sectors. He provides analysis and recommendations on firms such as Vittia, BRF, Ambev, JBS, and Camil, with documented contributions to investment reports and market calls. Troyano has built his career at Itaú BBA, where he is widely referenced in investor relations materials of major listed companies, and he is affiliated with CNPI, demonstrating recognized credentials in Brazilian securities analysis. His research has been cited in consensus estimates and market performance tracking, highlighting his influence among institutional investors.

    Gustavo Troyano's questions to JBS (JBS) leadership

    Gustavo Troyano's questions to JBS (JBS) leadership • Q2 2025

    Question

    Gustavo Troyano of Itau BBA requested more detail on the U.S. Pork segment's margin compression, the reasons for an expected recovery, and any performance differences between its integrated and non-integrated operations.

    Answer

    Wesley Batista Filho, CEO of JBS Foods USA, attributed the weak quarterly performance to a one-off trade disruption with China. He stated that the recovery in margins should be immediate, not gradual, starting in Q3, and expressed optimism for the pork business due to lower grain costs and strong consumer demand as an alternative to high-priced beef.

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    Gustavo Troyano's questions to JBSAY leadership

    Gustavo Troyano's questions to JBSAY leadership • Q4 2024

    Question

    Questioned whether further operational adjustments are planned for U.S. beef in the challenging 2025 cycle or if margin shrinkage is inevitable. Also asked for an explanation of Seara's Q4 margin compression and its profitability outlook for 2025.

    Answer

    For U.S. beef, significant enhancements have already been made, and while there's still some room for improvement, 2025 will be more challenging. For Seara, demand is stable, and the main variable is grain costs, which currently have a good outlook. Profitability improvements are expected to continue, driven by efficiency, mix, and brand innovation, as the company has not yet fully capitalized on all its past efforts.

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    Gustavo Troyano's questions to Adecoagro (AGRO) leadership

    Gustavo Troyano's questions to Adecoagro (AGRO) leadership • Q4 2024

    Question

    Gustavo Troyano of Santander asked about the primary triggers and expected timing for a potential rise in sugar spot prices, and also inquired about the spillover effects of global trade disputes on Adecoagro's Farming and Crops business.

    Answer

    Executive Renato Pereira outlined a positive scenario for sugar prices, citing poor crops in the Northern Hemisphere and a likely smaller Brazilian harvest due to drought, which increases dependence on Brazil. Executive Mariano Bosch added that South American soy and corn benefit from trade tensions, and Adecoagro's rice operations are gaining access to new markets in Central America.

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    Gustavo Troyano's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership

    Gustavo Troyano's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership • Q4 2024

    Question

    Gustavo Troyano from Itau BBA asked about the potential synergies and value generation from the partnership with BRF, and requested more detail on the profitability of boxed beef compared to fresh meat in the South American portfolio.

    Answer

    An Unknown Executive explained that administrative synergies with BRF are already being realized and that brand collaboration is just beginning with significant potential. They also confirmed that boxed beef accounts for over 25% of the South American mix, carries a 'two-digit' margin, and has strong potential for export growth.

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    Gustavo Troyano's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership • Q2 2024

    Question

    Gustavo Troyano of Itau BBA asked about the South American cattle cycle, specifically seeking perspective on the timing of a potential inflection point in animal availability in Brazil in 2025. He also inquired how Marfrig plans to capitalize on increased U.S. demand for imported beef, given its plant certifications.

    Answer

    An executive explained that while 2024 remains a positive cycle, they anticipate a transition beginning in 2025 and are preparing with supply from feedlots. Regarding demand, the executive highlighted strong global demand from markets like Mexico and Indonesia, positioning Brazil as a key global supplier. They noted that the increased number of animals ready for slaughter helps minimize the cycle's negative effects.

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    Gustavo Troyano's questions to BRF (BRFS) leadership

    Gustavo Troyano's questions to BRF (BRFS) leadership • Q2 2024

    Question

    Gustavo Troyano inquired about the cost outlook for the second half of 2024 considering the company's inventory strategy, and asked for details on the operational and financial impact of the recent Newcastle disease outbreak.

    Answer

    CEO Miguel Gularte addressed the Newcastle disease outbreak, stating that BRF's agile management and the BRF+ efficiency program enabled a rapid response. He explained that the company quickly redirected volume to the domestic market, leveraging the strength of its Sadia and Perdigao brands to minimize income loss. He expressed confidence in overcoming the challenge, aided by the 57 new export permits and the quick reopening of key markets like China and Mexico.

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    Gustavo Troyano's questions to BRF (BRFS) leadership • Q1 2024

    Question

    Gustavo Troyano from Itau BBA asked for a quantification of the BRF+ 2.0 efficiency program, seeking to understand how far the company is from its internal benchmarks compared to the initial 1.0 version. He also requested more visibility on the grain cost outlook, asking if there is room for further cost-per-ton reductions in the coming quarters, similar to the visibility provided in mid-2023.

    Answer

    CEO Miguel de Souza Gularte explained that BRF+ 1.0 used 2019 as a performance baseline, while BRF+ 2.0 shifted to using the company's own top-performing units as internal benchmarks, creating a continuous improvement culture. CFO Fabio Mendes Mariano added that regarding grain costs, BRF has adopted a similar strategy to last year. Despite harvest challenges, ample production is expected, allowing the company to potentially increase its position during the second crop harvest, which could lead to a retraction of costs in Q3 and Q4, positively impacting profitability.

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